Bhusri said there wasn't really a price war with Oracle but that Workday didn't get the revenue and billing growth it wanted, Cramer said.

When CNBC's David Faber asked Cramer what Oracle was doing, Cramer responded that Oracle is being very aggressive in battling Workday so that Workday doesn't sneak up on it the way that Salesforce.com (CRM) did.

"There's a phrase that some at Oracle use called 'Toto,' -- T-O-T-O" Cramer said. "This has nothing to do with Wizard of Oz. It has to do with 'Turn off the oxygen.' And there are some high-level people at Oracle that want to Toto Workday."

Workday shares are overvalued and because of that, it's a company that can't afford to miss, Cramer also said.

At midmorning Wednesday, shares of Workday were down $8.17, or 8.8%, at $84.32.